Bulgartabac, which was sold by the Bulgarian government to a subsidiary of the Russian bank VTB for €100.1 million in September last year, expects its cigarette exports to Western Europe to grow by 35 per cent next year, according to a Novinite story.

At the same time, the company plans a 31 per cent increase in export volumes to Central Europe and other countries of the Balkans.

The news agency quoted Bulgartabac’s CEOs, Ventsislav Cholakov and Angel Dimitrov, as saying the company would continue with the policy introduced this year of increasing export volumes to traditional markets while directing efforts towards “new product positioning”.

About 82 per cent of Bulgartabac’s products are exported, and about two per cent of its exports are of leaf tobacco. The company’s products are currently sold in more than 25 countries.

Bulgartabac’s consolidated profit during the first half of this year, at BGN27 million, was increased by 8.5 times on that of the first half of last year, and its sales, at BGN244 million, were up by 46 per cent.

At home, Bulgartabac has retained its leading position on the Bulgarian cigarette market, of which it now commands 33.8 per cent.